New York, NY Payday Loans

Lower rates help you with your personal loan through Prosper. One slightly light-hearted fact regarding payday loans: If the payday loan company sells an account to a collection agent, the borrower is now obligated to repay the balance to the collection agent. The borrower will give the lender a post-dated check, which the lender later uses to electronically transfer a payment or the entire balance of the loan from the borrowers account. In instances where the borrower accounts lack sufficient funds, the payday lender will continue to attempt withdrawals.

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Payday Loan Laws in New York The State of New York has outlawed the practice of payday lending. It is against state law to make payday loans in-person, by telephone, or over the Internet. You should also know that it is illegal for a debt collector to collect, or attempt to collect, on a payday loan in NY. Payday loans are illegal in New York State. It is a violation of New York State law to make payday loans in-person, by telephone, or over the Internet. It is also illegal for a debt collector to collect, or attempt to collect, on a payday loan in New York State. What other options do you have for a loan in the state of New York? While you can’t get a payday loan in New York, you have other options to consider. Tribal loans. Tribal loans may still be available to you in New York. However, it’s important to keep in mind that these carry high interest rates and are often quite expensive.


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